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Addition Deleted Because Recorded Sales Cannot Be Taxed Again Under Section 68
Case Law Details
- Case Name
- Krishna Prabhas Agro Oils Private Limited Vs ACIT (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Visakhapatnam
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Krishna Prabhas Agro Oils Private Limited Vs ACIT (ITAT Visakhapatnam)
ITAT Visakhapatnam Deletes Addition u/s 68 on Recorded Sales – AO Cannot Treat Accepted Turnover as Unexplained Cash Credit:
Visakhapatnam Tribunal examined the validity of reassessment u/s 147 & the addition of Rs. 41,74,755/- made u/s 68 for RTGS receipts from M/s Prithvi Traders. Assessee, a manufacturer of edible rice bran oil, had disclosed this amount as part of its regular sales, duly recorded in audited books & supported by invoices, CST forms, bank statements & ledger extracts.
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